Skip to content
logo Knowledgebase

SEPA changes and ISO 20022 standards

Created on  | Last modified on 

Summary

Information about SEPA and ISO 20022 requirements in Sage 50 Payroll Ireland.

Description

ISO 20022 is the messaging standard used for SEPA payments and financial data exchange between banks and financial institutions.

The SEPA updates introduced changes to payment file requirements, including:

  • BIC information
  • Execution dates
  • Postal address fields

These changes affect:

  • SEPA Credit Transfer files
  • SEPA Direct Debit files
  • Multi-currency payment files

The requirements apply to businesses making payments to countries within the SEPA scheme.

Requirements

Sage 50 Payroll Ireland includes the required updates to support the SEPA and ISO 20022 changes.

Company Details and Employee Details now require:

  • Address Line 3
  • Town

Completing these fields helps maintain compliance and supports successful bank file creation.

File type

If your bank requires you to submit your banking file using 'file type 9', follow the steps below to enable this in your software:

  1. Log in to your Payroll.
  2. Go to Company/Payroll, then Company Details.
  3. Go to the Bank tab.
  4. Check the correct details are in the Use SEPA Credit Transfer section.
  5. Select the Select Bank dropdown, then select SEPA Credit Transfer Processing.
  6. Select OK.

New e-Banking components

These are the updated e-Banking components.

Validate payroll data

Use the Validate Payroll Data option to identify missing or incomplete information before creating payment files.

NOTE:

For more information about SEPA and ISO 20022 standards, visit europeanpaymentscouncil.eu.

Stay informed

Visit the Sage Community Hub to stay updated and connect with other Sage 50 Payroll Ireland users.